TRG opens record number of sites in 12 months as LFL sales fall 2%

The Restaurant Group (TRG) has today announced its final results for the 52 weeks ended 30 December 2018, showing like-for-like sales were down 2%, with total sales up 1% to £686m (2017: £679.3m).

Adjusted profit before tax stood at £53.2m (2017: £57.8m), and statutory profit before tax of £13.9m (2017: £28.2m). Adjusted EBITDA was £87.9m (2017: £95.8m).

The company, which includes the Frankie & Benny’s, Chiquito, Coast to Coast and Garfunkel’s brands, declared an operating cash flow of £88.3m (2017: £107.8m), and net debt of £291.1m at year-end (20173: £23.1m) following Wagamama acquisition.

TRG's Concessions business opened 21 new units and entered four new airports, and Pubs increasingly outperformed the market and opened a record 21 new sites. Leisure business improved like-for-like sales momentum in every quarter in 2018.

Current trading is in line with the group's expectations with like-for-like sales up 2.8% for the ten weeks to 10 March 2019.

CEO Andy McCue commented, “We have made significant progress in 2018, acquiring a differentiated, high growth business in Wagamama, opening a record number of new sites in both our Pubs and Concessions businesses, and driving improved like-for-like sales momentum in the Leisure business throughout 2018.

'We now have a business that is orientated strongly towards growth and we continue to focus on delivering shareholder value.”

As reported last month, McCue will be leaving the company due to “extenuating personal circumstances”.